Ghana awaits IMF’s final approval for US$318m as board meets this week - EUROPE SAYS
By Franklin ASARE-DONKOHThe Executive Board of theInternational Monetary Fund(IMF) is scheduled to meet to consider the final review of Ghana’s $3 billion Extended Credit Facility (ECF) programme. Following a. . .
-DONKOHThe Executive Board of theInternational Monetary Fund(IMF) is scheduled to meet to consider the final review of Ghana’s $3 billion Extended Credit Facility (ECF) programme. Following a successful staff-level agreement reached in May 2026, approval by the Board will pave the way for the release of the final $318 million tranche to the Bank of Ghana. According to IMF Mission Chief Dr Ruben Atoyan, the funds are expected to be disbursed immediately after the formal approval. The meeting will mark the conclusion of Ghana’s three-year economic recovery programme, which began in May 2023 to address high inflation, currency depreciation and a severe debt crisis. The $3 billion ECF arrangement has been delivered through seven disbursements:First tranche (May 17, 2023): $600 million was released following the approval of the programme to support macroeconomic stability. Second tranche (January 19, 2024): $600 million was disbursed after Ghana completed the first review and made progress on debt restructuring. Third tranche (July 2024): $360 million was released after Ghana met key programme targets. Fourth tranche (December 2024): $360 million followed the completion of the third programme review. Fifth tranche (December 17, 2025): $385 million was approved after the fifth review, bringing total disbursements to about $2. 3 billion. Sixth tranche (Early 2026): $360 million was released after Ghana met revised fiscal and governance benchmarks. Seventh tranche (Expected July 2026): $318 million, subject to approval by the IMF Executive Board. Transition to post-IMF financing programmeAs Ghana’s financial support programme comes to an end, Finance Minister Dr Cassiel Ato Baah Forson has announced that the country will not seek an extension of the financing arrangement. Instead, Ghana will transition to a 36-month non-financing Policy Coordination Instrument (PCI) with the IMF. The new framework will focus on monitoring structural reforms, maintaining fiscal discipline, strengthening public financial management and safeguarding recent gains in inflation and exchange rate stability without creating additional debt obligations. The government says the transition reflects a shift from emergency financial support towards maintaining long-term economic stability and policy credibility. More Stories HereRelatedTags:EconomyIMFInternational Monetary Fund